Crude Oil: WTI Declines After Hitting at $29.11 Level, OPEC+ Emergency Meeting Postponed

USDWTI Price Analysis – April 6

West Texas Intermediate (WTI) oil is priced in red on Monday after hitting a $29.11 level as the emergency session of OPEC+ has been delayed. The drop may also be related to Saudi Arabia and Russia’s decision to delay the scheduled emergency session until Thursday to negotiate production cuts.

Key Levels
Resistance Levels: $36.28, $33.60, $30.21
Support Levels: $25.00, $23.16, $21.50

USDWTI Long term Trend: Bearish

USDWTI eliminated more than 10 percent from the closing price on Friday and hit a daily low of $26.46 level in the American session’s early trading hours, but has since regained its losses. A downtrend may start if the level of $25 is breached and a drop to support level of $23.16 follows.

On the contrary, if the pair retreats past the level of $27.40, which will be followed by a $29.11 resistance level, the uptrend can be anticipated to proceed.

USDWTI Short term Trend: Bearish

WTI oil recovered momentum above $27.40 level on the 4-hour time frame and climbed above $28 mark in European trading on Monday, following a gap-lower opening in Asia. New progress is required to fill today’s gap to generate a bullish signal for psychological $29.11 level resistance assault.

A breach of which would reveal critical threshold at $30.21 (down 38.2 percent of $48.64) levels and strong support at $25.00 level is anticipated to re-align with bulls while holding this support.

Instrument: USDWTI
Order: Sell
Entry price: $29.11
Stop: $30.21
Target: $25.00

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